Market Update | March 2025
Early Spring Shows Initial Signs of Market Warm-Up
Published April 3, 2025 | Courtesy of NWMLS
Market Recap
March’s market activity showed some expected seasonal growth as we move into spring, but an imbalance still lingers between buyers and sellers.
30-year mortgage rates dropped from 6.76% to 6.65%, a slight enticement for buyers who are keeping a diligent eye on the market. Sellers looking to take early advantage of seasonal transitions boosted NWMLS’s active listings nearly 44% year-over-year from March 2024.
“Easing of mortgage rates into spring home buying season has helped bring some home buyers off the sidelines,” said Selma Hepp, chief economist at Cotality (formerly CoreLogic).
Still, sellers and buyers alike will have to contend with continuing rising prices impacting the market. The median price for residential homes and condominiums rose 3.2% from $630,000 in February 2025 to $649,999 in March 2025.
“Rising median house prices continue to exacerbate affordability issues,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). “In the first quarter of the year, median sale prices increased by 9.5%, which would translate into nearly 44% if compounded over the course of a year.”
Hepp also foresees that “home buying activity [will remain] muted amid a lot of economic and policy uncertainty and fears of future job losses.”
Active Listings
There was a 43.7% increase in total number of properties listed for sale year-over-year, with 11,640 active listings on the market at the end of March 2025, compared to 8,100 at the end of March 2024. When compared to the previous month, active inventory increased by 1,192 listings (+11.4%), up from 10,448 in February 2025.
The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 21 out of 26 counties seeing a double-digit year-over-year increase. The six counties with highest year-over-year increases in active inventory for sale were Snohomish (+83.1%), Whatcom (+63.1%), King (+59.8%), Cowlitz (+51.7), Kittitas (+48.3%), and Grant (+43.8%).
Year Over Year Active Listings
Island, King and Snohomish County
New Listings
NWMLS brokers added 9,161 new listings to the database in March 2025, a year-over-year increase of 14.1% compared to March 2024 (8,028). When compared to the previous month (February 2025), new listings increased by 44.4%, when 6,346 listings were added to the NWMLS database.
The number of new listings increased year-over-year in 21 of 26 counties and rose in all counties compared to last month. The six counties with the largest year-over-year increases were San Juan (+70.6%), Jefferson (+61.5%), Island (+42.1%), Whatcom (+41.6%), Douglas (+28.9%), and Grays Harbor (+24.5%).
Pending Sales
There were 7,593 residential units & condo units under contract in March 2025, an increase of 5.2% when compared to March 2024 (7,218). When compared to the previous month, the number of pending listings increased by 29.5%, up from 5,863 listings under contract in February 2025.
The number of pending sales increased year-over-year in 17 of 26 counties and rose in all but two counties when compared to pending sales last month. The six counties with the largest year-over-year increases in pending sales were Chelan (+39.3%), Island (+35.4%), Grays Harbor (+26.4%), San Juan (+26.3%), Jefferson (+23.5%), and Skagit (+22.3%).
Closed Sales
The number of closed sales increased slightly by 1.9% year-over-year (4,268 in February 2025 compared to 4,189 in February 2024). When compared to the previous month, The number of closed sales increased by 4.7% year-over-year (5,406 in March 2025 compared to 5,165 in March 2024). When compared to the previous month, the number of closed sales increased by 26.7%, up from 4,268 sales in February 2025.
15 out of 26 counites saw an increase in the number of closed sales year-over-year. The six counties with the largest increases were Douglas (+66.7%), Adams (+40%), Skagit (+35.3%), Jefferson (+34.6%), Chelan (+25%), and Cowlitz (+21.3%). The total dollar value of closed sales in March 2025 for residential homes was $3,907,557,990 and was $531,478,809 for condominiums $4,439,036,799 in total), an increase of 7% when compared to March 2024.the number of closed sales increased by 14.5%, up from 3,727 sales in January 2025.
Months of Inventory
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little more than two months (2.15) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in March 2025 were Snohomish (1.39), Pierce (1.67), Kitsap (1.86), King (1.86), Thurston (1.9), and Skagit (1.94).
Year Over Year Months of Inventory
Island, King, and Snohomish County
Median Price
Overall, the median price for residential homes and condominiums sold in March 2025 was $649,999, an increase of 2.6% when compared to March 2024 ($633,717). When compared to last month, the median price increased by 3.2%, up from $630,000 in February 2025.
The three counties with the highest median sale prices were San Juan ($870,000), King ($855,000), and Snohomish ($755,000), and the three counties with the lowest median sale prices were Columbia ($220,000), Ferry ($268,725), and Grays Harbor ($335,100).
